Multi-Family Apartment Complex
For Sale
Contact for pricing
1005 Raleigh St, Elizabeth City, NC 27909
Well-maintained 24-unit apartment complex with high occupancy rate.
Property Size21,500 SF
Price / SF$125.39
Days on Market188
Property Features for 1005 Raleigh St
General Information
Standard status
Active
Size
21,500 SF
Property subtype
Multifamily
Zoning
AD, and R-8
Occupancy
95%
Building Details
Buildings
6
Stories
2
Units
24
Listing Agency:
The Rich Company
(252) 562-8889
Listed By:
Kellen Long · License #362488
Source:
Crexi
Added: Feb 4
Changed: Aug 11
Last Checked: Aug 11 at 11:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Rich Company
Investment Insights
Based on property information with market context.
This multi-family apartment complex presents a unique investment opportunity. The portfolio consists of three properties: 1005 Raleigh St., 1110 Park St., and 0000 Park St., totaling 24 units. Each unit ranges from approximately 800 to 900 square feet and features 2 bedrooms and either 1 or 1.5 bathrooms. The complex includes a mix of one-story units with handicap accessibility and two-story apartments. Specifically, 1110 Park St. comprises four quadplex buildings, while 1005 Raleigh St. features one duplex and one six-unit building. The combined building square footage is approximately 21,500 square feet. The property is currently 95.8% occupied, with only one vacant unit actively marketed at $1,200 per month. Current rents range from $1,000 to $1,300 per month. The property generates approximately $303,000 in gross annual income at its current occupancy, with a projected gross income of $317,400 at full occupancy based on current rental rates. Significant capital improvements have been made since 2017, including the replacement of 3 roofs within the past 3-4 years with 30-year architectural shingles, encapsulation of all quadplexes at 1110 Park St. with the addition of dehumidifiers, and the replacement of 14 HVAC units (7 since 2017 and 7 in 2016). Ongoing interior upgrades include new carpet, vinyl flooring, fresh paint, and updated appliances. All multi-family buildings are located within the City's Apartment District (AD) zoning, potentially allowing for additional units with city approval. The residual parcel at 0000 Park St. is zoned R-8 residential and has a restrictive covenant.
Key Highlights
- High Cap Rate: Enjoy a 9% cap rate based on NOI at full occupancy.
- Strong Income Potential: Net Operating Income (NOI) of $243,704.40 at full occupancy. Gross annual income of approximately $303,000 at current occupancy.
- High Occupancy Rate: Currently 95.8% occupied with only one vacant unit.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 27909, NC
40,606
Population
17,591
Households
2.3
Avg Household Size
40
Median Age
27%
College-Educated
90%
High-School Grad
226.9 sq mi
ZIP Area
179
Density / Sq Mi
$64,039
Median Household Income
$40,399
Median Earnings
$1,146
Median Rent
$223,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 24-unit apartment complex with high occupancy rate.
Where is this apartment building located?
The property is located at 1005 Raleigh St Elizabeth City, NC.
What is the asking price?
The asking price for this property is $2,695,827.
What are key features of this property?
This property features: High Cap Rate: Enjoy a 9% cap rate based on NOI at full occupancy.; Strong Income Potential: Net Operating Income (NOI) of $243,704.40 at full occupancy. Gross annual income of approximately $303,000 at current occupancy.; High Occupancy Rate: Currently 95.8% occupied with only one vacant unit.
